For creditors
Consumer bankruptcy

For creditors

Filing a proof of claim

Filing a proof of claim functions in bankruptcy proceedings as a court action. As a rule, filing a proof of claim is necessary to satisfy one’s claims against the bankrupt in bankruptcy proceedings. Creditors who have failed to file a proof of claim, or whose claims have been dismissed by the trustee in bankruptcy, do not take part in the division plan.

A petition to discontinue bankruptcy proceedings

The discontinuance of bankruptcy proceedings prevents a debtor from redeeming their liabilities. A creditor is not a participant in bankruptcy proceedings for the declaration of consumer bankruptcy initiated at a debtor’s request. Should the basis for dismissal of a petition in bankruptcy be revealed after the bankruptcy has been declared, the proceedings shall be discontinued. Such a basis is, among others, a final judgement declaring a debtor’s act to have been performed to the creditors’ detriment.

Challenging the repayment plan

A creditor has the right to challenge the repayment plan. In the decision to establish a plan to repay creditors, the court determines to what extent and within what period of time the bankrupt shall be obliged to repay his or her liabilities. This time period cannot be longer than 36 months.

Settlement with the bankrupt

Bankruptcy law allows for the possibility of concluding a settlement between a bankrupt consumer and his or her creditors.  Such settlement is concluded at the meeting of creditors. An application to conclude such a settlement can be filed only by the debtor. The provisions of the settlement may be more favourable to the creditor than conducting insolvency proceedings on a general basis.

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